Brazilian ferroalloys producer Ferbasa plans to set up a Colombian subsidiary, the company said in a document filing. The company said it will own a 100 percent stake at the new company.
Ferbasa didn’t release details about the new company or its location. It said the new company would be, under Brazilian business laws, a simplified anonymous corporation (SAS) or Sociedade Anônima Simplificada.
Ferbasa had closed in December 2019 a “commercial partnership” to buy an undisclosed amount of coke from a local supplier. It would buy the product under a “one-year” contract.
Ferbasa didn’t explain the relation, if any, between the commercial partnership with the local coke supplier and the new company it will set up in Colombia.